Upcoming Summer... Fierce Competition for Bibim Noodles Market Share
Paldo's No.1 Position Solidified... Nongshim and Ottogi Battle for Second Place
Latecomers Harim and Samyang Foods Also Entering the Market One After Another
As summer, the peak season for the Bibimmyun market, approaches, competition within the food industry for Bibimmyun is heating up. The battle to maintain Paldo's throne, which has held the number one spot for nearly 40 years, and the contest between Nongshim and Ottogi for second place are expected to become even fiercer this year. In particular, with new challengers joining the fray, the competition for market share is likely to intensify further.
According to industry sources on the 20th, the domestic Bibimmyun market has grown nearly twofold from 75.7 billion KRW in 2015 to 140 billion KRW in 2020. The industry expects that last year the market size easily surpassed 150 billion KRW. Compared to the ramen market, which grew about 20% during the same period, Bibimmyun has expanded rapidly. The demand for ramen and convenience foods increased during the COVID-19 pandemic, which also boosted the Bibimmyun market. Based on Nielsen data, Paldo holds the largest market share at 53.3%, followed by Nongshim at 19.1%, Ottogi at 11.4%, and others at 16.2%.
Paldo, the number one player in the Bibimmyun market, has launched efforts to defend its stronghold this year as well. Since the launch of Paldo Bibimmyun in 1984, it has maintained the top position in the Bibimmyun market for nearly 40 years. Last year, buoyed by the popularity of 'Paldo Bibimmyun 1.2', which increased the product weight by 1.2 times, and the fandom effect of its model, actor Lee Junho, annual sales surpassed 70 billion KRW. Paldo has again selected actor Lee Junho for the second consecutive year and has begun full-scale marketing activities. A new commercial will be released on the 22nd. Lee Junho has served as the face of Paldo Bibimmyun with his warm and refreshing image. Paldo plans to continue leveraging this positive synergy to firmly establish its solo dominance.
With a narrow gap between the second and third place market shares, the battle for second place is a key point of interest in this year's 'Bibimmyun war.' Especially, winning the hearts of the main consumer base, the MZ generation (Millennials + Generation Z), has emerged as a decisive factor. Ottogi's Jin Bibimmyun has expanded its market share since its launch in 2020, securing the second place. However, the following year, Nongshim released 'Bae Hong Dong Bibimmyun' featuring TV personality Yoo Jae-suk as the model, reclaiming the second spot. Since its debut, Bae Hong Dong Bibimmyun rose to second place and created a sensation last year with sales of 25 billion KRW based on shipment prices.
This year, Nongshim strengthened its Bibimmyun category by launching the sequel to the Bae Hong Dong brand, ‘Bae Hong Dong Jjoljjolmyun.’ The popular TV personality Yoo Jae-suk was selected as the Bae Hong Dong advertising model for the third consecutive year, and full-scale marketing has begun. Nongshim plans to focus on various marketing activities emphasizing communication with the MZ generation to widen the gap with the third place.
Meanwhile, Ottogi is launching a counterattack to reclaim second place with Jin Bibimmyun. Last year, Jin Bibimmyun introduced a renewed product, 'Jin Bibimmyun Baesamaemucho,' which increased the weight by 20% compared to the previous version, surpassing 100 million cumulative sales. Following cooking expert and TV personality Baek Jong-won, Jin Bibimmyun appointed the three leads of the drama Work Later, Drink Now ? Han Sun-hwa, Jung Eun-ji, and Lee Sun-bin ? as models last year, but this year changed the brand model again to Hwasa of the girl group Mamamoo. Hwasa, who gained attention for her 'mukbang' appearances on various broadcasts, was selected to effectively convey the product's taste and uniqueness.
Meanwhile, new entrants are steadily entering the market. Harim launched 'The Misik Bibimmyun' today under its The Misik brand, developed by researching recipes from Bibimmyun specialty restaurants nationwide. It contains a secret sauce and broth blended with 10 kinds of fruits and vegetables. Samyang Foods is also joining the Bibimmyun market this year by releasing a new Bibimmyun product.
An industry insider said, "As the trend of enjoying Bibimmyun year-round continues, marketing related to Bibimmyun has started earlier than usual. This year, with the summer heat expected to be intense and new competitors entering the market, the competition for market share will be fiercer than ever."
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